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An EMI calculator is an error-free tool that helps plan EMI payments. Enter the loan amount, interest rate and tenure to get an idea of monthly EMI outgo, total interest amount and repayment schedule.
A Loan Calculator helps find out the cost of borrowing and is useful for monthly budgeting and financial planning. A variety of online EMI calculators are available, such as a Personal Loan EMI Calculator, Business Loan EMI Calculator, and Pre-Owned Car EMI Calculator.
Results will be displayed instantly under the ‘EMI amount’ section.
The formula to calculate EMI is:
E = [P x R x (1+R) N] / [(1+R) (N-1)]
Where, ‘E’ denotes EMI.
‘P’ denotes the principal amount.
‘R’ denotes interest, which is applicable every month.
‘N’ denotes tenure in months.
Let’s take for example,
P= 10,00,000
R= (10/12/100) = 0.008
N= 60 months
EMI= [10,00,000 x 0.008 x (1+0.008)60]/ [(1+0.008) (60-1)]
So, the EMI would be Rs. 21,247.
EMI stands for equated monthly instalment, which is the total of the principal amount and the interest that a borrower pays to the lender every month in equal instalments.
A repayment schedule is a document showing how the borrower needs to repay the loan through a series of equal monthly payments called EMIs.
Failing to pay your EMI can lead to various consequences like a drop in the credit score, late payment fees and interest on the failed amount.
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